Bernanke confirmation seen passing first hurdle

The Senate Banking Committee is expected to recommend his confirmation to the full Senate, which is not expected to vote on his nomination until 2010. Bernanke's four-year term expires January 31.

Bernanke is expected to gain Senate approval, but analysts believe opposition may exceed the 16 no votes former Fed Chairman Paul Volcker drew in 1983, when he raised rates to double digits and triggered back-to-back recessions to crush inflation.

Bernanke and the Fed have become lightning rods for anger over financial excesses and government bailouts of Bear Stearns, American International Group, and support for the biggest U.S. banks during the worst crisis since the Great Depression.

Read Full Article from Reuters

- Posted: 2009-12-17 04:20:58

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